In this HotForex review, we will take you through the details of HotForex. Although they have been operating since 2008, they are relatively new as customers have recently reinvented their offerings. With their new service and operation culture, HotForex broker earned several awards from different organizations as a token of their excellent service.
Moreover, from our research, we have found that HotForex is regulated by Financial Conduct Authority (United Kingdom), Dubai Financial Services Authority, Financial Sector Conduct Authority (South Africa), and Financial Services Authority (Seychelles).
All these regulations support HotForex’s longevity, which we will try to verify through the following HotForex review criteria.
What Have We Considered for HotForex Review?
To provide you with an honest review of HotForex broker, we have looked at the HotForex account types, spread, leverage, sign-up process, deposit, withdrawal methods, and much more.
What is HotForex?
HotForex is a forex and commodities broker that provides trading services to more than 180 countries. They provide brokerage service and facilities to both industrial and retail traders.
However, they provide service through CFDs with access to unrestricted liquidity, tight spread, and many attractive offers.
So, how can you access all the features of HotForex? You must need an account to access the lucrative offerings. Let’s see the details about the account.
HotForex Review 2022 Quick Summary
|🗺️ Regulation||CySEC, FCA, DFSA, FSCA|
|🖥 Platforms||MT4, MT5|
|📉 Instruments||17 trading tools and 150+ trading products|
|💳 Minimum Deposit||5$|
|💰 Deposit Methods||Bank Wire, VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, Skrill, UnionPay|
|📱 Mobile Trading||Available|
|🌍 Web Trading||Available|
|💵Minimum Trade Size||0.01|
|🎢 Maximum Leverage||1:1000|
|☎ Customer Support||24/5|
HotForex Account Types
HotForex offers six types of accounts, Micro, Premium, Zero Spread, Auto, PAMM (Premium), and HFCopy. These HotForex account types are believed to provide the best possible trading conditions to the client according to the requirements.
- Micro Account: It is one of the basic HotForex account types, which is designed for new traders who are still learning. However, a newbie or expert anyone can open a micro account by depositing only $5.
- Premium Account:This account type is best for somewhat expert traders as they can have the flexibility in position sizing. However, the minimum deposit is $100.
- Zero Spread Account: It intends to lower the trading cost. Although with just $200, anyone can open a zero spread account, it suits best for high volume traders, scalpers, and traders who use Expert Advisors (EAs).
- Auto Account: Auto HotForex account types are specially designed for a trader with an automated trading platform such as MT4 and MT5. With a minimum $200 deposit, anyone can start automatic trading with the help of EAs.
- PAMM: It is flexible for highly expert investors who want to allocate their money to a specific PAMM manager. However, you don’t need to invest a huge amount. You can check your selected manager with a $250 HotForex minimum deposit.
- HFCopy: It is a copy trading account in which you can copy other traders’ strategies to earn the potential benefit. However, the strategy provider may change to make their copy available for all. HFCopy requires to deposit of $100 for the follower and $500 for the strategy provider.
HotForex also offers a demo account to practice before opening a live performance.
HotForex Demo Account
From the name, you can understand that it is just a demo account, and you don’t need to deposit any real money. With the demo account, you will get all the access like a real account, including access to the Meta Trader platform. Anyone can open a demo account in HotForex broker. However, the trader will not get lifetime access to a demo account. There will be some time limitations.
To get you the HotForex review, we have opened a demo account and found that opening a demo account is not a complex task. It can be opened by clicking on the Demo button and then providing all the information.
HotForex Sign Up
HotForex sign up for live account offer three different types of sign up options, which include individual, corporate, and joint.
However, to sign up for a live account, a trader will have to provide all the real information. For individual HotForex sign up, the investor/ trader will provide their personal information only, while for the corporate account, company details are needed. On the other hand, a joint account can be opened by 2 persons. Both of the owners will have the authority to run the account.
HorForex sign up requires some basic information from the traders such as name, phone number, email, country of residence, and date of birth.
HotForex Deposit and Withdrawals Options
Let’s assume you have successfully completed your forex education through a demo account and have now opened a live one. So, how should you deposit, and how much do you need to deposit?
Although the minimum deposit depends on the account type, HotForex offers all the renowned money transaction options except PayPal.
Besides, deposit HotForex is faster and available 24/5 without any additional fees.
Like the deposit methods, withdrawal methods also come with a wide variety of options, such as wire transfer, union pay, visa, MasterCard, and other online digital payment options.
HotForex leverage options offer floating or fixed leverage. These leverage options come in handy for smaller size traders. Besides, the HotForex leverage structure intends to increase potential gains. Sometimes, the gains can be multiplied by a certain number of times.
On the other hand, you should keep in mind that HotForex leverage may work reversely too. So, it is necessary to understand the forex tools to get the most out of them.
Since HotForex operates under different regulations, and all the regulations don’t impose the same leverage options, so the leverage level may fluctuate from country to country.
Therefore, it is highly important to know your underlying regulatory body.
The European entities set up the maximum leverage ratio to 1:30 for the forex trading and 1:25 for the metals and other stuff. On the other hand, South African traders can get leverage up to 1:200.
HotForex also offers offshore service win, in which the leverage ratios are 1:400, in some cases 1:500 or even 1:1000.
When it comes to the HotForex spread, they are transparent thoroughly. They usually charge a variable spread on trading, which is the difference between bids and ask prices. The good thing about HotForex is that they do not charge based on the fixed spread. Besides, they do not charge any commissions or additional fees. As a result, your spread calculation stays simple.
However, HotForex spread fees depend on the account types. For example, the micro account spread starts from 1 pip, while the zero account offers zero fees with average spread of 0.2 pips.
HotForex Review: Trading Platforms
HotForex offers both Meta Trader 4 and Meta Trader 5 trading platforms. These platforms come with a wide range of opportunities. Besides, the platforms provide numerous tools and software to ease trading. MT4 and MT5 are easy to use, so anyone can use them regardless of their experience.
Features of the Platforms
- Web trading: Traders can trade online from anywhere with any browser without downloading on the computer.
- Mobile Trading: Mobile trading allows you to trade from mobile even if you are on vacation. To trade on mobile, you will just have to download the Meta Trader app on your phone and then log in.
- Desktop App: Traditional downloadable desktop app is also available, which you can install on your computer and then start trading within a click.
- Design: Easy to understand customer-friendly design increase the usability for traders of any level.
- Tools: It offers different advanced tools, which eventually help to research and analysis on a trend. Some trading tools include premium trader tools, auto chartist tools, trading calculators, etc.
- Charting: Numerous charting features let trader make their strategies.
HotForex Customer Service
Customer service is a key aspect of choosing the best forex broker. However, our research HotForex review has found that they provide top-notch customer support in 27 languages. Compared to the other brokers, the variety of support language of HotForex broker is really impressive. Besides, we have also found that traders are oddly satisfied with the HotForex service. However, they do not provide 24/7 service; instead, they offer 24/5 availability. Clients can initiate the live chat option if needed.
Research and Education
By opening an account with HotForex, you are not providing them with all the business. So, if you don’t know how to do forex trading, the HotForex broker will not get any benefits from you. That’s why they have included the education part on their website. So that you can learn from their educational videos, training courses, events, podcasts, etc. With the proper use of these educational tools, you can definitely make yourself a master in trading.
Disadvantages of HotForex
They have some negligible disadvantages; however, we have mentioned them below.
- Spreads are not the lowest compared to the competitors.
- Customer service is not 24/7. Some traders may feel it as a con.
- Offshore fees are higher.
Our overall HotForex review finds out that it is a globally operated best forex broker, which offers one of the best services in the industry. Besides, the regulations and awards make the HotForex trust worthy and secure.
You can choose the HotForex broker without any doubt and open an account from 6 different options and start trading. However, it is very reliable for traders who exclusively want Meta Trader as their platform.
Best Forex Brokers By Countries List
Top Rated Online Best Forex Brokers 2022